Why US productivity data is questionable
byAccording to the US Labor Department, workers productivity in the non-farm sector increased at an annual rate of 1.4% in the fourth quarter…
Economics
Expectations and economic growth
byIn various writings, Milton Friedman argued that there is a variable lag between changes in money supply and its effect on real output…
Estimating the shape of the coming crisis
byWith a recession become increasingly certain and the end of the expansionary phase of the credit cycle in sight, we can expect a periodic…
The Theory and Brief History of Money and Banking
by[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in late 2020.] The…
Why more money can’t generate economic growth?
byThe view that more money can revive an economy is based on the belief that money transmits its stimulatory effect through aggregate expenditure….
Let’s (Not) Panic Again
byby Simon Sarevski Since time immemorial if you asked an adolescent whether he expects to live a better life than his parents the definitive…
Why assessing business cycles using the NBER approach is questionable
byMost economists are of the view that by means of economic indicators it is possible to identify early warnings regarding an upcoming recession or…
Should forecasting accuracy determine the acceptance of a theory?
byIn order to establish the state of the economy economists employ various theories. Yet what are the criteria for how they decide whether…
Monetary Massacre Theory
by“A deeply disturbing account of the destructive potential of belief.” – Ammar Kalia, reviewing BBC Four’s Storyville: Jonestown – Terror in the Jungle. …
Do we need government to promote innovation and economic growth?
byAccording to Mariana Mazzucato, the RM Phillips Professor in the Economics of Innovation at the University of Sussex, government is an important factor…